SoFi is a cash management account, which is an alternative to a checking account.

There is no hard pull credit check.

There are no accounts fees, monthly fees, minimum balance requirements, or overdraft fees.

You can order checks free of charge.

There are no ATM fees and SoFi will reimburse the fees charged by any ATM worldwide to take out cash. Note that the maximum daily ATM withdrawal is $610, but you can withdraw more money via ACH transfers.

You’ll earn 1.6% APY on your balance, which is variable based on the federal interest rate.

There are no foreign transaction fees. SoFi will also reimburse the 1% foreign exchange fee that is charged by Visa. That makes this a better option than other banks that advertise no foreign transaction fees!

Money is automatically swept into 6 partner banks, so that you get $1.5 million in FDIC coverage instead of $250,000 on a regular checking account. It takes up to 2 days for the deposits to reach those banks to be eligible for coverage.

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58 Comments On "Signup For A SoFi Money Account And Get $50, 1.6% APY, And Reimbursed ATM Fees Worldwide With No Foreign Exchange Fees!"

All opinions expressed below are user generated and the opinions aren’t provided, reviewed or endorsed by any advertiser or DansDeals.

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Y

Can you explain in more detail what the idea is behind this sort of account?

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November 17, 2019 12:03 pm

Bob

It’s a checking account with the perks of a high-yelled savings account. You earn interest with no fees. It’s all online. No brick and mortar locations.

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November 17, 2019 12:12 pm

Jono

Is this legitimate? Don’t need to wait any period of time to keep the account open in order to receive the $50? Can I close the account as soon as I get the bonus?

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November 17, 2019 12:10 pm

willie

+1.. If i OPEN today can i cancel account after i get $50 bonus

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November 17, 2019 12:22 pm

Dan

You can transfer the money anywhere once it’s in your account.
There are no account closure fees.

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November 17, 2019 12:58 pm

Reuven

I have a charles Schwab checking that also has free ATM reimbursement worldwide, but I’ll look into this as well. Thanks

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November 17, 2019 12:12 pm

Dan

Should be similar, but this also earns 1.6% APY.

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November 17, 2019 12:59 pm

Bob

It’s a checking account with the perks of a high-yield savings account. You earn interest with no fees, but you can use like a normal account. There are no physical locations; only online.

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November 17, 2019 12:14 pm

Abey

Additional $50 worth of stock for opening invest account with SoFi. Can move the $100 from the money account to invest

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November 17, 2019 12:19 pm

Huh

Only needs $1 invested to get that bonus

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November 17, 2019 2:07 pm

A

How do they make money?

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November 17, 2019 12:21 pm

Ramen n Green Tea

Like all banks do. Take your money and invest. Given the high APY, it’ll attract customers to deposit their money to them and use that money to invest. Since Sofi has no physical locations, the costs to manage the bank locations will significantly decreased compared to e.g., Chase.

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November 17, 2019 12:38 pm

My

So how do they make money?

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November 17, 2019 12:32 pm

Fjdo

By charging more interest to it’s borrowers than it pays to it’s depositors.

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November 17, 2019 2:19 pm

lazertek

Thank you for applying for a SoFi Money account with SoFi Securities LLC.
Under federal law, we are required to verify certain information about the identity of new account holders before opening new SoFi Money accounts. In reviewing your information, we were unable to confirm certain required information and are therefore unable to open a SoFi Money account for you at this time. We sincerely apologize for the inconvenience and we hope to be able to help in the future.
Best,
The SoFi Money Team

Reply

November 17, 2019 12:39 pm

DP7

Frozen credit?

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November 17, 2019 12:47 pm

lazertek

no and they say that they dont pull your credit.

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November 17, 2019 1:02 pm

reb yid

Entered info incorrectly? Living off the grid?

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November 17, 2019 1:20 pm

Sam

U applied out of the USA? It wont work.

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November 17, 2019 2:27 pm

Tzvi

Happens to alot of ppl
Put in adress manual and try again

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November 17, 2019 3:02 pm

Shia

Same happen to me.

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November 17, 2019 5:52 pm

Andy

If you read the fine print it looks like they also reimburse the exchange fee charged by Visa. That’s even better than my Charles Schwab account.

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November 17, 2019 1:08 pm

Dan

Wow, good find! That’s amazing!

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November 17, 2019 1:14 pm

Antonio

From the terms…

Please note, though SoFi doesn’t charge foreign transaction fees, there is a foreign exchange fee of 1% charged by Visa that is not waived.

Service charges may apply for multiple card replacements, card rush delivery, stop payment services, or to process any court order or tax levy. A foreign exchange fee of 1% is charged by Visa that isn’t waived on qualifying foreign transactions.

I would love to see where it says they reimburse the 1% because that would even better.

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November 17, 2019 1:24 pm

Dan

Bullet point #2 on the referral page,

“SoFi doesn’t charge any ATM fees and will reimburse ATM fees charged by other institutions when a SoFi Money® Visa® Debit Card is used at any ATM displaying the Visa®, Plus®, or NYCE® logo and will also reimburse any foreign exchange fees charged by Visa”

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November 17, 2019 1:41 pm

Antonio

Man, I have read those terms like 4 times and obviously missed that repeatedly. I was already very happy about using this as a travel cash account, and now, even moreso.

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November 17, 2019 1:45 pm

Antonio

Here are the details regarding current bonuses, because there are more than just the Money referral.

– If you sign up with a referral link for the Money account (the savings/checking account paying the 1.6% interest), you get $50 when you deposit $100 and the person referring you gets $50. This WAS $100 for the person who referred and $50 for the person signing up, but has been lowered last week to $50/50.

– If you sign up with a referral link for the Invest account (the part of the account that allows you to buy stocks and mutual funds (and some crypto in certain states)) and deposit $1000 in the account (you only have to deposit, not actually buy anything), you get $100 bonus and the person referring gets $100. This WAS deposit $100 and get $50 bonus for you and $50 for the person who referred you, but this just changed a few days ago. The Invest is separate from the Money even though they are all managed under the same account in the app together, and you can move money between them, but you get different bonuses and sign up for them with different links if you want max bonus.

– They are now starting to target people who opened Money accounts with an offer to make 2 direct deposits of $500 each and they give you another $100 bonus. This is targeted apparently currently.

– There is still supposedly a public bonus of $25 when you buy $10 of any crypto from your Invest account. They only trade in 3 crypto (bitcoin, etherium and litecoin). This apparently is not available in every state. I emailed to ask why my account would not let me buy any crypto for this offer and they told me they have not gotten authority to trade in crypto in every state yet, so if this is available for you, you could make another $25 bonus.

– They have several referral bonuses currently for personal loans and student loans and student loan refis. I believe it is still $300 for referring and $100 for the person referred.

They do seem to be starting to focus on converting the aggressive signups into more profitable and integrated customers, with incentives to move more money into investment accounts and direct deposits etc, so I would bet the super easy low hanging fruit for easy account creation and referral with minimal starting deposits will start going away. Still seems odd to me that people can’t post offering or asking for referrals (when I signed up, I would have lost $100 bucks if I had not gotten referred for the Money and the Invest accounts ($50 each) and had just signed up cold, which would have been a waste, plus someone else got some extra money for me signing up). If you set up an account, make sure you get a referral so you don’t waste money.

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November 17, 2019 1:18 pm

Daniel

Will this card help accumulate more FICO points

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November 17, 2019 1:25 pm

Antonio

One more thing, don’t forget that I do not believe you can refer the same person for the Money account (the savings/checking) and the Invest account (the brokerage stock trading part of your account). So, if you get a referral link from one person to set up the Money account, you need a referral from a different person for the Invest side. Here is a walkthrough on how to maximize your bonuses:

Step 1: Use a referral link for Money (like the one posted by Dan above). You open your account and fund it with $100. You get $50 bonus which usually posts in about 1 day from when your deposit posts.

Step 2: Refer your second person, like a spouse, to Money. Have them use your link and set up their account and fund with $100. You get $50 more, they get $50.

Step 3 (if you are doing Invest as well): Have a 3rd person refer your 2nd person to Invest, and have them sign up with that person’s referral link. Have them fund the Invest account with $1000 (currently) and they get $100 and the 3rd person get $100.

Step 4: Have your second person refer you to Invest, and you fund your Invest with $1000, and you get $100 more and your second person gets $100 more.

Step 5: Optional..If available in your state (they are not licensed for Crypto in all states), once your Invest account is funded, search for the Sofi Crypto 25 bonus and follow it to buy $10 of crypto currency (they allow trading in the 3 biggest crypto currencies only in addition to the normal brokerage functions) and you receive another $25 bonus.

Total bonus for you and your second person should be:
You: $50 + $50 + $100 for depositing $1100 total. Plus possibly another $25 from the crypto bonus.
Second person: $50 + $100 + $100 total. Plus possibly another $25 from the crypto bonus.

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November 17, 2019 1:32 pm

Abey

Yes you can use referral from same person I have done it with a couple of friends easiest $150 I’ve ever made…(multiple times )

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November 17, 2019 3:34 pm

Pad18

you nailed it 🙂

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November 17, 2019 3:37 pm

bob

Are you able to link one brick and mortar bank account to two different SoFi Money accounts?

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November 17, 2019 1:36 pm

Abey

Bank account needs to be in the SoFi amount holders name so probably won’t work

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November 17, 2019 3:34 pm

Anonymous

Is there a way to deposit a money order with this account?

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November 17, 2019 1:56 pm

Eli

dan can yo u post more about what Antonio wrote with the 1000$ investment 100$ bonus all I can find is a 100$ stock reward, a link would be great! Thank you for the site and thank you for posting!

i only see the ref link for loans where do i got to see my ref link for checking

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November 17, 2019 2:58 pm

Antonio

Referral links can only be generated in the app. Have to download and log into the app. Remember there is a cap to referral bonuses, so once say for example, Dan has gotten $10000 in referrals, he can’t get anymore (which is only 100 people on the Invest side). Let us not waste the bonuses :). Happy as I would be to share my referrals, obviously I am happy to just help contribute to other people getting bonuses for themselves.

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November 17, 2019 3:04 pm

jack anderson

Dan, please confirm @antonio post?

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November 17, 2019 4:35 pm

Marty

Can I open accounts for my kids (minors)?

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November 17, 2019 4:06 pm

Antonio

18 and older only

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November 17, 2019 4:17 pm

rr

can i apply from israel?

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November 17, 2019 4:41 pm

Huh

Need a US number

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November 17, 2019 11:33 pm

Dav

all chase cards that do not charge foreign transactions fee like the ink preffered , do they still charge 1% for Visa? I thought I’m not paying anything more then the exchange rate

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November 17, 2019 4:49 pm

Dan

No, that’s for ATM access.

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November 17, 2019 4:54 pm

El Capitan

Does it have zelle?

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November 18, 2019 12:25 am

Tzvi S

can you explain the way to avoid maximum daily withdrawal via AHC. I didnt understand that

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November 18, 2019 5:25 am

David E.

Anyone else have to sign a W-9?

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November 18, 2019 7:51 am

ben

will this in any way affect my credit score?

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November 18, 2019 8:50 am

Miles

Is there any way to deposit cash
Like from anyy atm?

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November 18, 2019 11:05 am

AA

No luck opening an account, this the error I keep on getting:
Sorry, we aren’t able to open your account.
Thank you for your interest in SoFi Money. Unfortunately, we weren’t able to open your account at this time. We’ve sent you an email with more information.

Can someone please help?

Reply

November 19, 2019 12:09 am

AA

This I got in email:
11/19/2019
Dear (-),
Thank you for applying for a SoFi Money account with SoFi Securities LLC.
Under federal law, we are required to verify certain information about the identity of new account holders before opening new SoFi Money accounts. In reviewing your information, we were unable to confirm certain required information and are therefore unable to open a SoFi Money account for you at this time. We sincerely apologize for the inconvenience and we hope to be able to help in the future.
Best,
The SoFi Money Team

I should have good credit, never had problems opening a bank account.

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November 19, 2019 12:23 am

Eli

Anyone know if the person you refer has to actually deposit money in order for you to get a bonus for referring them? Or do they just have to set up the account.

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November 19, 2019 9:34 pm

Eli

Got my answer on their website yes they have to actually deposit $100 for you to get the bonus

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November 19, 2019 9:38 pm

Anon

Assuming they do a softpull only?

Reply

November 21, 2019 3:41 am

Name

Odd, it said account was denied due to FICO score provided by Experian.

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